Hi All
My first post so please go gentle.
So here is my question and scenario. Let suppose I work as limited company contractor earning say £1,00,000/annum and paid £15000 in corporation tax for FY-2016/17.
What if HMRC determine that you were inside IR35 in 2 years time (2018/19) and say you need to pay total Tax and NI as an employee worth £40,000 for FY-2016/17.
So does one pay the balance 25000 (40000-15000) or they need to pay the full amount?
If HMRC determine that you were an employee then you obviously were not limited company. Does one get corporation tax refund?
Thanks in advance.
My first post so please go gentle.
So here is my question and scenario. Let suppose I work as limited company contractor earning say £1,00,000/annum and paid £15000 in corporation tax for FY-2016/17.
What if HMRC determine that you were inside IR35 in 2 years time (2018/19) and say you need to pay total Tax and NI as an employee worth £40,000 for FY-2016/17.
So does one pay the balance 25000 (40000-15000) or they need to pay the full amount?
If HMRC determine that you were an employee then you obviously were not limited company. Does one get corporation tax refund?
Thanks in advance.
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